Guideline Value for Veenus Colony 2nd Street

Veenus Colony 2nd Street guideline value

The current guideline value of Veenus Colony 2nd Street is Rs 17,600 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Commercial Special Type - V.

How the guideline value of Veenus Colony 2nd Street has changed

According to the register, there are no figures for Veenus Colony 2nd Street for the years 2002, 2003, 2007, 2012, and 2017. The guideline value was Rs 16,000 per sq.ft in 2023, and it has increased by 10% to Rs 17,600 per sq.ft in the 2024 revision.

This increase marks a significant adjustment in the guideline value, reflecting the changes in property valuations in the area. The 2024 figure is the most current and represents the latest assessment for this street.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are a total of 333 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for this area is Rs 8,800 per sq.ft, indicating that Veenus Colony 2nd Street's 2024 figure is above this median.

• Veenus Colony 1st Street: Rs 17,600 per sq.ft (2024)
• Veenus Colony 3rd Street: Rs 17,600 per sq.ft (2024)
• Varasidhi Vinayagar Koil Street: Rs 8,800 per sq.ft (2024)
• Varadharajapuram Main Road: Rs 7,700 per sq.ft (2024)
• Vanniya puram Corporation Colony: Rs 6,100 per sq.ft (2024)
• Venkataraman Street: Rs 8,700 per sq.ft (2024)

Stamp duty and registration fee for property in Veenus Colony 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 17,600 per sq.ft, the guideline value amounts to Rs 1,76,00,000. The stamp duty at 7% would be Rs 12,32,000, and the registration fee at 2% would be Rs 3,52,000, bringing the total to Rs 15,84,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Veenus Colony 2nd Street?

The Sub Registrar Office that covers Veenus Colony 2nd Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value plays a crucial role when buying or selling property in Mylapore Part 1. It is used to determine the stamp duty and registration fees applicable during the transaction. Buyers must ensure they are aware of the current guideline value to avoid any discrepancies during registration.

When a property is sold, the guideline value is compared to the sale price, and the duty is charged on the higher of the two. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Veenus Colony 2nd Street?

The current guideline value of Veenus Colony 2nd Street is Rs 17,600 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 16,000 per sq.ft in 2023 to Rs 17,600 per sq.ft in 2024, marking a 10% increase.

What is the median guideline value in Mylapore Part 1?

The median guideline value in Mylapore Part 1 is Rs 8,800 per sq.ft, with Veenus Colony 2nd Street's 2024 figure being above this median.

Where is the Sub Registrar Office for Veenus Colony 2nd Street located?

The Sub Registrar Office for Veenus Colony 2nd Street is at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. It is typically charged at 7%, while the registration fee is charged at 2% of the guideline value or sale price.